Life changes dynamically with each passing day, and it can be tough to envisage your future needs. People build big houses when they plan to expand their family or to live in luxury. Although as time passes by, your needs may scale up or down. If your children have moved out or you’re about to retire, this is when you can think of downsizing your home.
Downsizing your home can be an efficient move for several reasons as it saves a lot of money that flows into the maintenance of a big house. Here, you would want to know the reasons to downsize your home? There are many personal motives that can justify this question. We know downsizing your home can be an emotional roller-coaster ride due to the memories you have with the place. Changing the size of your house, and moving to a new location can cause discomfort, but as long as it helps you live a better life, it’s worth it. If you are considering downsizing your home? Find out the reasons here.
Possible Reasons to Downsize Your Home
People have their explanations to downsize homes, some may state reasons like high-maintenance, and some may say lifestyle change. Downsizing can cut heavy expenses with a lot of margin which enables you to live a burden-free life. You need to ask questions like; do you really need to downsize your home? Or you can still figure out ways without doing so. If this sounds intriguing then find out the possible reasons to downsize your home –
Helps You Cope With Finances
A big house comes with liabilities and prominent financial facets, which should be satiated regularly. Nobody loves the notion of paying a hefty amount as a mortgage installment every month. Selling your house for cash will help in paying a significant chunk as repayment towards the mortgage. Furthermore, if you have any outstanding amount, you can purchase a smaller house with cash.
If you’ve already settled the mortgage payments in the past and have enough equity, then you can sell the home and still relish it in a sizable amount. As a bonus, if your house sells in an appreciated value without any negotiations, then you can keep both the savings and profits of the sale.
Eradication of Monthly Expenses
Unbearable monthly expenses are also one of the reasons to downsize homes. Costs like monthly bills, HOA fees, homeowners insurance, additional taxes, gas expenses, and pest control expenses add up to your monthly bills which can be too much to handle. Downsizing may significantly cut down your monthly expenses and keep you at bay from some serious cash flow. Living in a smaller place with the same amenity promises a lesser expenditure which is need of the hour.
Maintenance Is Troublesome
Problems don’t originate only when you’re away from your home it can knock the doors, in your presence as well. If you own a big house and are away from it for a long time, it’s time to downsize your home. Staying away from your home will nevertheless require maintenance, which can be impossible if you’re staying far away. Little things like mowing lawns and dusting furniture can become a troublesome task. You’ll possibly have to hire a caretaker that again comes as an added expenditure. If an old or retired couple stays in a big house, maintenance becomes an arduous task. If you’re a grown-up the problem stays the same. Performing regular chores and taking care of huge spaces require energy and money, which you probably want to save. By downsizing your home, you are saving it from being deteriorated.
Lifestyle Changes While Retirement
Retirement is a huge turn in an individual’s life, it is also a pretty common reason to downsize homes. Downsizing your home becomes a vital requirement if you’re retired or going to retire as expenses stay the same, but the income doesn’t. When you move into a smaller home, you are likely to save more. Things like mortgage payments, insurance, and property taxes will be reduced by a good number.
Get Rid Of Unused Spaces
Less is more, the case stays the same when you have a big house. Having a big house will have its pros and cons, rather it will have more cons. If your home has empty and unused spaces with furniture lying everywhere, you can consider selling, donating or tossing the furniture. When the problem with furniture is settled, it’s time to think about the spaces. Space means maintenance, instead of maintaining the house try selling it for cash. You can also sell your house to cash buying companies.
Consider Selling Your House for Cash
Selling house for cash is the way out to all your problems. Elite Properties will buy your house in any condition, any location and propose you with an all-cash offer. Selling house fast for cash will enable you to start afresh but how? We buy houses by keeping in mind the market value, in return, we provide you with hard cash which aids in tackling all the major obstacles in your life. Call us on 718-977-5462 or visit us at Elite Properties we’ll help you find appropriate solutions for all your real estate watershed.
Selling your house doesn’t have to be costly. Your home is a big asset and you wouldn’t want to spend a lot and get a less than the desired value. You might be thinking that selling a house will be an expensive and never-ending, which is partially true. However, we would like to tell you how you can find ways to save money while selling your home quickly and cherish the yields of the sale.
Sell Your House for Cash
Selling your house for cash is the most feasible solution while selling your home, how? Selling a house for cash has several perks like, the sale closes in a much faster timeline, which allows you to proceed with your timeline. Second, if you choose Elite Properties you can sell your house within 3 days, so if you have a tight deadline, you have a solution. Third, you are proposed with an all-cash offer which means you have immediate cash for your next purchase.
Avoid Real Estate Agents
As much as real estate agents are saviors in the home selling process sometimes it’s better not to pick them. Why? Hiring a real estate agent has many pros, but in the specified situation there are none. When you hire an agent you are automatically liable to pay the fees in multiple facets like commission and sale profits. Paying additional costs might decrease the value of your sale and would not produce any profits. In the worst-case scenario, you would end up spending a lot rather than saving. Also, an agent will take his or her time to make a fast paced sale which will again cost you dollars.
For Sale By Owner
A ‘For Sale By Owner’ or FSBO listing is one thing that is accessible while trying to save money. The process can save you loads of money and can guarantee a profitable sale. There are many phases to such kind of a sale like; walkthroughs, attending prospects, marketing your property, etc. which will be solely done by yourself. Handling all these things at once might be challenging as it consumes a lot of your time. As a drawback, conducting showings and attending prospects personally will hamper your daily routine. You’ll have to perform repairs by yourself instead of a handyman, remember leave no space for any glitch.
Although, you can utilize the digital era to your advantage, taking pictures of your property (some exclusive drone shots) will help entice prospective buyers. You can list your property online for free on social media platforms that will serve you in gaining positive attention. By doing this you are cutting the costs of hiring a photographer and a broker which typifies into an expenditure of more than a hundred dollars.
Sell House With Repair Discounts
Selling your house with repair discounts is the finest option to get away from a rugged property. If a part of your house is in a bad condition or requires a little more than repairing, you can list your property with a repair discount. A repair discount is when you sell your home by cutting a little chunk of the amount as a credit to the buyer to make further renovations. So instead of spending your equity, you can let the buyer make renovations according to his or her desired taste. Also, when you make repairs on your own the estimate will add construction costs, which is a mandated expense to your budget. You can sell your house in as is condition to we buy houses for cash companies it is one of the best option rather than doing repairs by yourself.
As stated above doing things on your own will save you from bleeding dollars from the pocket. Your home is probably functioning great but what about aesthetics? You would require a painter, a handyman and for minimal repairs probably a plumber. Hiring people for each job can be time, energy and most importantly money consuming. Consider the ‘Do It Yourself’ technique, you can perform many things on your own like painting, cleaning, staging (if required) and repairing. This will work like magic on your estimates, as a result you’ll save thousands of dollars, which helps in retaining your equity. Although, DIYs are fun to do, you also have to keep in mind it will require all your efforts and time which you are surely running out of.
Sell Your House As-Is
Selling your house as-is is a better option than FSBO, how? FSBO listing will take up a lot of your time and energy whereas selling your house as-is will need none. This process doesn’t require a lot of time or any legal documentation as well. Selling your house as-is to cash buying companies will offer you the fair market value of your house by considering the condition of your house as well. They will also propose you with an all-cash, no obligation offer which is a cherry on the cake.
If you want to sell your house fast for cash or have any query regarding the real estate crisis we will be happy to help you. Get in touch with us today to learn more about ‘How can you save money while selling home’. Reach us at 718-977-5462 and we will provide with quality solutions for all your problems.
A home is an extremely big asset for couples. When a couple chooses to separate, the relationship as well as the house also goes through a lot. A divorce comes with a lot of deliberations and mutual agreements which is important for a longer run. Here, your part is to decide whether you want to sell your house or buy out to your spouse. Given below is a guide to sell your house fast after divorce which will help you with your existing chaotic situations.
If you have chosen to sell your house, there are many things down the lane waiting for you. Selling your home is a long and lengthy process, it isn’t a smooth run. In such a case, the best way out of it is to talk it out with your partner. Mutual decisions goes a long way and where real estate is involved it can be extremely expensive and hard on pockets.
Sell and Split
The best option which will reduce the disagreements is selling your house and splitting the proceeds of the sale equally. Why selling your house is a feasible option? First, neither of the spouses can afford the maintenance of the property. If the couple has kids it can double the expenses, with the ongoing expenses of divorce it can be a tough situation to tackle. Selling your house for cash is a feasible option because the proceeds of the sale can be split equally. Therefore, selling your house is an optimal solution for multiple reasons.
Buy Out the House
The second option is to buy out the house which means; the spouse who wants to maintain the ownership would recompense the other with half of the share. They can share a part or whole value of the house which can be transferred to the other half as a settlement of the divorce. Here, the spouse on the receiving end gets to keep a part of the house and receive the calculated share once it is sold.
Hold On To the House
If a couple with children is getting divorced, they would choose to hold on to the house. In this case, the couple can hold on without altering the ownership. You can choose to stay until your children move out for work. This can only happen when the couple can bear each other’s differences and think financially.
Sorting Out the Mortgage
Before taking a step to sell your home, you will be accountable to ask questions to yourself. Questions like what are your income requirements if you chose to keep the house and retain ownership? What aspects would come into play if you sell your house? Will my children be affected by the decision, what are their needs? Etc. Once you know the answers, you can move ahead.
If a couple has a joint mortgage, they usually prefer to sort the mortgage on a single name (either of the spouse’s name). It is beneficial from both sides because the person residing in the house won’t rely on another half for the mortgage. Lastly, the person who discards the name form the mortgage can lend more money for a new home as they are exempt from the joint-mortgage.
Understanding Your Property Rights
A house is an immensely big asset for one to keep. If you are going through a divorce, it becomes necessary to protect and understand your property rights. Securing property rights save you from any felonies that your partner does without any knowledge. Home rights ensure neither partner can’t be forced to vacate the home even if it is under their ownership or not.
It is important to be aware of the laws and regulations while going through a divorce. The “Family Law Act” gives access to:
- Staying in your home unless a court order states to vacate the residence
- You will be notified of any repossession action taken by your mortgage lender
- If you have moved out, you can urge the court to grant permission for returning back
Sell your house fast for cash
As stated earlier in the blog, selling your house is the fastest solution after a divorce. Selling your home to cash buying companies eludes the chaos of legal processes and additional costs. Elite Properties is a reliable company when you choose to sell your house fast for cash. We buy houses all cash so you can sell your house within 3 days and move on with a new life. Rest assured we will buy a house in any condition, any location.
A divorce is a tiresome process that can drain you mentally. Selling your house for cash will save your time, money and energy, you can spilt the yields and move ahead with the rest of your plans. If you have any queries regarding the same you can call us on 718-977-5462 or visit us at Elite Properties we will provide you the best possible solution in your rough time.